Elliott maintains that Cedar Hill engaged in a scheme to "literally steal" the software using the help of a rogue employee and consultant.

Elliott Management, according to a complaint filed in the U.S. District Court in Manhattan, became aware that their multi-million dollar software had allegedly been pilfered and was now in the hands of a rival company.

The software is used to analyze CDOs (Collateralized Debt Obligations) and their underlying loans in order to give Elliott Management an edge on its competitors.

According to Elliott Management, the scheme was hatched and the software was eventually "misappropriated" in October of 2007.